House and unit rents are now at a record high, seeing a $15 per week rise over the September quarter.
House rents for the Gold Coast have remained stable since the record high achieved mid last year, with unit asking prices seeing an increase of $5 over the September quarter. Sunshine Coast house and unit rents peaked over the September quarter at $510 and $420 a week respectively.
Brisbane is the fourth most affordable capital city to rent a unit now.
“House and unit rents are now at record highs, with a strong gain of $15 a week over the September quarter. House rents are now at $415 and unit rents $395 a week. Brisbane is the fourth most affordable capital city to rent a unit. Brisbane unit rents could overtake Melbourne in the coming months, as Melbourne unit rents tumble pushing the rent price gap to $5 between the two cities – a four year low,” Domain Senior Research Analyst, Dr Nicola Powell said.
“Amid the pandemic, the estimated number of vacant rentals has returned to expected levels following a dramatic bounce in April. Brisbane’s vacancy rate is on par with pre-pandemic March, with the volume of empty rentals down marginally compared to this time last year. The reduction in available vacant rentals aligns to the easing of restrictions.”
“Brisbane is a two-speed rental market, with the inner-city more exposed to changes in supply and demand as a result of COVID-19 restrictions. The reduction in demand for inner-city apartments has been magnified by the closure of international borders, significantly reducing the number of migrants, international students and tourists. As restrictions slowly ease, demand from short-term domestic travellers will increase and landlords unable to secure a tenant will revert to their original investment strategy of leasing short-term.”
“On the Gold Coast, house rents are stable at the record high achieved mid last year. Gold Coast units increased 1.2 per cent over the September quarter to $430, as demand for short-term lets increased amid a gradual easing of travel restrictions. Sunshine Coast house and unit rents peaked over the September quarter at $510 and $420 a week respectively. The desirability of lifestyle locations and the ability to work remotely is likely to drive increased interest in coastal south-east Queensland,” she said.
This article is republished from propertyobserver.com under a Creative Commons license. Read the original article